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Old 11-17-2014, 08:12 PM
 
1,135 posts, read 1,110,249 times
Reputation: 689

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I don't know enough to run my own business. I tried when I was in my 20's but I never had capital.

My brother lives in Texas, and he doesn't listen to my suggestions or pleas. He says on the phone, "Shut up you stupid ****ing idiot, just listen and obey." He's already been wrong on several things, but he's right on other things too. But he is so up on himself thinking that he always makes the right decisions. He doesn't treat me with respect in how he interacts with me.

At 45 now, I am better as a person that works for a company. If you can suggest good money making ways, that would be helpful. Right now I am trying to make money through freelance ways like Elance, but that is so difficult when you are a newbie. I'm thinking about making money through blogs, money making websites, forums, and ebooks too but that is so hard. I talked to a blogger Bud Meyers with a successful blog and he hardly made money with his books and blogs. I've been unemployed so long in Chicago maybe I'm "played out" with the eng / mfg employers that maybe I have to live elsewhere. If I can't get a job doing CAD, Tech Writing, or Mech Eng then I don't know what to do.

1900 12 22800
property tax 8000
Net 14800
12 1233.333333 12 14800
brother 1000 12 12000
me 233.3333333 12 2800
0
If I get a job 1000 12 12000

Payoff 120000 10 years

Sloppy spreadsheet cut n paste but it's an analysis of $1900 / rent income, $8000 / year property tax. $1000 monthly income for my brother, if I get a job I pay him $1000 / month until $120,000 gets paid off then I fully own the house.

 
Old 11-17-2014, 08:29 PM
 
11,768 posts, read 10,226,700 times
Reputation: 3444
Quote:
Originally Posted by JTE1969 View Post
I don't know enough to run my own business. I tried when I was in my 20's but I never had capital.
That's a concern and without knowing your abilities I can't comment further, but that's why I also advised looking into a rental property that would allow you to live rent free and generate income. In fact, I'm pretty sure there is a place in Hyde park near UofC that is for sale around $250K and nets $30K or $40K/yr.

Quote:
Originally Posted by JTE1969 View Post
My brother lives in Texas, and he doesn't listen to my suggestions or pleas. He says on the phone, "Shut up you stupid ****ing idiot, just listen and obey." He's already been wrong on several things, but he's right on other things too. But he is so up on himself thinking that he always makes the right decisions. He doesn't treat me with respect in how he interacts with me.

At 45 now, I am better as a person that works for a company. If you can suggest good money making ways, that would be helpful. Right now I am trying to make money through freelance ways like Elance, but that is so difficult when you are a newbie. I'm thinking about making money through blogs, money making websites, forums, and ebooks too but that is so hard. I talked to a blogger Bud Meyers with a successful blog and he hardly made money with his books and blogs. I've been unemployed so long in Chicago maybe I'm "played out" with the eng / mfg employers that maybe I have to live elsewhere. If I can't get a job doing CAD, Tech Writing, or Mech Eng then I don't know what to do.

1900 12 22800
property tax 8000
Net 14800
12 1233.333333 12 14800
brother 1000 12 12000
me 233.3333333 12 2800
0
If I get a job 1000 12 12000

Payoff 120000 10 years

Sloppy spreadsheet cut n paste but it's an analysis of $1900 / rent income, $8000 / year property tax. $1000 monthly income for my brother, if I get a job I pay him $1000 / month until $120,000 gets paid off then I fully own the house.
Sloppy and inaccurate. If the house is worth $500K then your brother gets $200K. Then there is TMV to consider. Your brother may or may not want to to give you an interest free loan, but you have to budget for future expenses.
 
Old 11-17-2014, 08:55 PM
 
Location: NYC
16,061 posts, read 26,674,586 times
Reputation: 24848
OP you are flying off the rails at strangers. Many have tried to give you advice, you just don't want to listen. Your anger isn't going to make you right, or sway people to your view. The house sells for whatever the market dictates. You are emotionally invested and can't see the unbiased opinions. Take a step back, breathe.
 
Old 11-17-2014, 11:09 PM
 
Location: Somewhere in America
15,479 posts, read 15,544,630 times
Reputation: 28462
Quote:
Originally Posted by JTE1969 View Post
What is worse for noise is if you live on a major city street, by a train station, or by an airport, - airplane, car, truck, and train noise is frequent then.
I live on a major street in my neck of the woods - in fact it's the most desirable street to live on in the town and city....who knew? I certainly didn't when I moved here. I still find it rather humorous since we don't have a street paved with gold or diamonds or anything spectacular. No train or airports here! I'd never live any of them. I grew up with train tracks about 400 feet from my house....no thanks! Not much car noise either at night. Trucks you hear a bit during the day.....but not often and they're not on my street. And I certainly would not ever live across the street from a hospital. No way no how.
 
Old 11-17-2014, 11:22 PM
 
Location: Somewhere in America
15,479 posts, read 15,544,630 times
Reputation: 28462
Quote:
Originally Posted by JTE1969 View Post
The only thing these two bedrooms don't have is their own closet, but there is more than enough space for clothes racks, cabinets, and an altar there in each bedroom.

Maybe this house should be sold and I live in another city, like Houston, where you can buy an 1800 sqft house for $140,000 or so, but they are wood frame, not brick.
If the "bedroom" doesn't have a closet, then it's not a bedroom. There's a big problem trying to sell the house. every bank i've bought houses through checks the number of rooms and what they are.....no closet? no bedroom!

The brick is on the outside! It's not sitting there holding up the entire house. There's a wood frame under it. The wood frame was built first and then the brick was put up.

This is more like a 1 1/1 story house than 2 story....it's NOT a 3 story. For 3 stories, all need to be above ground, finished, and livable. I say it's more like a 1 1/2 story because of the goofy angled ceilings in every room upstairs. A full story would have 8 foot or higher ceilings.


Quote:
Originally Posted by JTE1969 View Post

The house also had a new water heater in 2005. As I said before, this is not a cheap house remodeling flip, as we lived in the house ever since the remodeling.
Yeah, I wouldn't brag about that! That sucker is old and ready to go at any time! I put a new tank in last year and you know what? It's already old....why? They don't last long!



Quote:
Originally Posted by JTE1969 View Post
At 45 now, I am better as a person that works for a company.
You're 45 years old? Your rants read like you're 21 years old!
 
Old 11-18-2014, 12:07 AM
 
1,135 posts, read 1,110,249 times
Reputation: 689
Quote:
Originally Posted by lycos679 View Post
That's a concern and without knowing your abilities I can't comment further, but that's why I also advised looking into a rental property that would allow you to live rent free and generate income. In fact, I'm pretty sure there is a place in Hyde park near UofC that is for sale around $250K and nets $30K or $40K/yr.

I can't believe a $250K place would rent for $30K to $40K / yr. Better to just buy the place than rent it that much a year.

Business ideas I had -- have a loudspeaker company that sells good loudspeakers at Best Buy and Circuit City. But years after I saw the Eosone line of good enough loudspeakers sold at Best Buy and it disappeared after a year or too. I guess they failed, and the guy who started it was an accomplished enough loudpseaker engineer, way btter than me.

IT businesss ideas I have -- in 1999 I wanted to learn C++ MFC programs to program my own software so I can make a lot of money selling it. I failed to learn how to make software as good as Photoshop, Dreamweaver, or even the simple WordPad. Most good ways to design Windows software was undocumented, so that's why I failed. MFC didn't have good enough documentation back then, so that's why it was hard to program. And in reality, it takes a team of programmer to program Photoshop.

IT Business Ideas Now -- I can't fulfill these ideas because I don't have the complete web design skills to design complicated websites. I don't have the money to pay someone to do this for me either. I can't risk my inheritance money on this either.


Sloppy and inaccurate. If the house is worth $500K then your brother gets $200K. Then there is TMV to consider. Your brother may or may not want to to give you an interest free loan, but you have to budget for future expenses.
It was a rough guess, but it was accurate. $500,000 * 40% = $200,000

The house was bought outright by my doctor uncle for $25,000 in 1976. He sold it to my dad for $25,000 pay whatever you can whenever you can 0% loan. I hope my brother can be that kind to me too, as I helped him in the past too.

Quote:
Originally Posted by veuvegirl View Post
OP you are flying off the rails at strangers. Many have tried to give you advice, you just don't want to listen. Your anger isn't going to make you right, or sway people to your view. The house sells for whatever the market dictates. You are emotionally invested and can't see the unbiased opinions. Take a step back, breathe.
I didn't get angry at people who gave me advice or disagreed. But if they made false accusations or statements about the house I had to refute that. I got angry at the people who criticized me falsely for things, or attacked my character or situation. I can take constructive criticism and advice. Like people said here why they wouldn't live near a hospital or like burglar bars -- I told them why it was an asset or why I liked them. Because even great rich neighborhoods are targets for thieves, that's why the ultra rich live in gated communities.

Last edited by JTE1969; 11-18-2014 at 12:54 AM..
 
Old 11-18-2014, 12:43 AM
 
1,135 posts, read 1,110,249 times
Reputation: 689
Quote:
Originally Posted by ss20ts View Post
If the "bedroom" doesn't have a closet, then it's not a bedroom. There's a big problem trying to sell the house. every bank i've bought houses through checks the number of rooms and what they are.....no closet? no bedroom!

Then I guess there should have never been put a bedroom divider in the top floor. This house was built in the 1880s, so maybe housing design and terminology could have been different back then. An open space house with no dividing rooms for a bedroom - maybe that's how old houses are built. Maybe modern construction houses then have bedrooms with closets, and many closed spaces. So consider this was an old house. I like open spaces. Closed bedrooms spaces are more preferable if you have an apt or so.

The brick is on the outside! It's not sitting there holding up the entire house. There's a wood frame under it. The wood frame was built first and then the brick was put up.

This is more like a 1 1/1 story house than 2 story....it's NOT a 3 story. For 3 stories, all need to be above ground, finished, and livable. I say it's more like a 1 1/2 story because of the goofy angled ceilings in every room upstairs. A full story would have 8 foot or higher ceilings.

So I guess that's why this house is classified as a bungalow, but it's actually big! Goofy angled ceilings? The house has an angled roof, what do you expect? But they don't detract from the inside livable space much. A 6' 5" tall person won't run into this angled roof, and I'm 5' 4" tall. Too much high of a ceiling and your wasting more energy heating and cooling the place. That's why the gas bill wasn't much for the top floor.

Yeah, I wouldn't brag about that! That sucker is old and ready to go at any time! I put a new tank in last year and you know what? It's already old....why? They don't last long!

Maybe you got a cheap water tank then, or maybe they don't make them as good as they used too nowadays. We chose a high quality energy efficient water tank, and it has never broken down or needed a service since install.

You're 45 years old? Your rants read like you're 21 years old!
It's nice to be young!
 
Old 11-18-2014, 12:44 AM
 
11,768 posts, read 10,226,700 times
Reputation: 3444
Quote:
I can't believe a $250K place would rent for $30K to $40K / yr. Better to just buy the place than rent it that much a year.
It's not a house, but an apartment building.
Quote:
Business ideas I had -- have a loudspeaker company that sells good loudspeakers at Best Buy and Circuit City. But years after I saw the Eosone line of good enough loudspeakers sold at Best Buy and it disappeared after a year or too. I guess they failed, and the guy who started it was an accomplished enough loudpseaker engineer, way btter than me.

IT businesss ideas I have -- in 1999 I wanted to learn C++ MFC programs to program my own software so I can make a lot of money selling it. I failed to learn how to make software as good as Photoshop, Dreamweaver, or even the simple WordPad. Most good ways to design Windows software was undocumented, so that's why I failed. MFC didn't have good enough documentation back then, so that's why it was hard to program. And in reality, it takes a team of programmer to program Photoshop.

IT Business Ideas Now -- I can't fulfill these ideas because I don't have the complete web design skills to design complicated websites. I don't have the money to pay someone to do this for me either. I can't risk my inheritance money on this either.
That's all nice, but I was talking about buying an existing company and not an IT company. It seems fair to say that if you had the skills to develop IT software then you would already be doing that instead of how you currently make money. I mentioned IT earlier, but my brother has IT and project management experience, so it wasn't a direct example of what you should do.
 
Old 11-18-2014, 12:45 AM
 
1,135 posts, read 1,110,249 times
Reputation: 689
Quote:
Originally Posted by PeachSalsa View Post
That looks like a VERY small house for the price. There do not appear to be many closets either. Are there any closets in the bedrooms? Certainly not walk in closets.

The fridge is placed in a weird, non-flowing spot. That's just strange. And the white appliances would have to go. Is that real wood flooring, or is it laminate?

Being across the street from a hospital would NOT be a desirable location.

I'd not buy where burglar bars were needed.

I'd pass on the whole situation.
Then of course, I don't mind that you don't buy it! There maybe 20 to 70 people who look at a house, and all I need is 1 person to have an interest in the house.

I already told you why I like living by a hospital. And if I moved I would like to live by another hospital too. Good cafeteria food and a chapel inside!

I never noticed before that a bedroom had to have a closet. That must be a modern house feature / requirement. Old houses are different.
 
Old 11-18-2014, 01:00 AM
 
Location: Chicago - Logan Square
3,396 posts, read 7,187,356 times
Reputation: 3731
Quote:
Originally Posted by lycos679 View Post
In fairness, $500K isn't too out of line for this neighborhood. The work was completed with no permits and the kitchen looks like it was just slapped together, so it does have some things going against it, but it is one of the cheapest houses I have ever seen in Wicker Park.
Yeah, my prediction would be that the house sells for $480-500,000.

To be truly fair, I don't think we should assume that the OP has any real idea of what the permit status was for the work that was done. Based on all of the evidence it looks like his brother and parents have a little bit more of a clue than he does. I wouldn't be surprised if all of the work was permitted. Projects of that size tend to get shut down pretty quickly in Chicago if the correct permits haven't been obtained. The general rule is that if it requires a dumpster, it requires the correct permits. Either way, it's an easy thing for a potential buyer to find out.
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